Government signs permanent contracts for 124,500 employees

The Egyptian government signed permanent job contracts for 124,500 employees over the past three months, Finance Minister Hazem al-Beblawy said on Monday.

The government signed the contracts with employees who have served for more than three years at its administrative authorities.

This is the biggest permanent employment move made in Egyptian government history, Beblawy said after a meeting of the cabinet's economic panel.

During the meeting, the head of the government's General Authority for Investment and Free Zones, Osama Saleh, said the number of companies established in September is 26 percent higher than the number during the same period in 2010.

He noted, however, that the capital and the job opportunities expected for those companies are still lower than the period before the revolution. 

Saleh said the total of capital for companies founded during the period from January to September has receded by 35.6 percent.

Translated from the Arabic Edition

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